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Unigold Inc (2)
Symbol UGD
Shares Issued 122,999,643
Close 2020-08-07 C$ 0.59
Recent Sedar Documents

Unigold drills 30 m averaging 9.02 g/t Au at Neita

2020-08-10 02:26 ET - News Release

Mr. Joseph Hamilton reports

UNIGOLD INTERSECTS 30.0 METERS AVERAGING 9.02 G/T AU AT CANDELONES EXTENSION DEPOSIT IN THE DOMINICAN REPUBLIC

Unigold Inc. has released additional results from its completed phase 1 drill program at the Candelones Extension deposit, part of the company's 100-per-cent-owned Neita concession in the Dominican Republic.

Drill hole LP20-147 intersected 104.1 metres averaging 3.14 grams per tonne gold, 2.1 g/t silver, 0.27 per cent copper and 0.01 per cent zinc with a sulphide intersection of 30.0 metres averaging 9.02 g/t Au, 5.1 g/t Ag, 0.63 per cent Cu and 0.00 per cent Zn. The company notes that six overlimit results for copper are pending. It is not anticipated that the overlimit results will cause a material change in copper grade.

The gold, silver and copper mineralization over the entire 30-metre intersection is consistent, and no samples required cutting to calculate weighted-average grades.

LP20-147 was drilled to fill a gap between holes LP15-96 (34.0 metres averaging 4.15 g/t Au and 0.40 per cent Cu) and LP16-124 (5.9 metres averaging 11.8 g/t Au and 0.20 per cent Cu). The intercept has likely increased the geological confidence (resource classification) of this area within the easternmost sulphide mineralization recognized to date at Neita.

Joe Hamilton, chairman and chief executive officer of Unigold, noted: "LP20-147 is the longest, highest-grade intercept that has been returned from the Neita concession. The hole was placed to convert a significant portion of the current inferred mineral resource to at least indicated status, and it is our opinion that we successfully achieved our objective. The hole suggests that sulphide mineralization may have a steeper plunge to the northeast than originally interpreted, but most importantly, it suggests that the system is strengthening to depth. The top of this sulphide mineralization starts about 150 m below surface and has been drilled to a depth of about 350 m below surface. There is additional potential to expand this mineralization to depth.

"We are currently awaiting a shipment of critical parts for our owner-operated drills to arrive at our exploration camp. These parts should allow us to increase the maximum depth capacity of our drills, allowing us to continue to chase the high-grade mineralization to depth. We are planning to resume active exploration drilling by mid-August. An additional two drills, with 1,200-metre drill capability, have been ordered and are expected to be operational at Neita by the end of September.

"The recognition of a second-stage, late epithermal sulphide mineralization that overprints older primary mineralization has allowed us to focus drilling on these higher-grade resources. We believe that we have identified up to four of these sulphide-rich zones within a three-kilometre strike length. Our initial holes will test the lower limits of two of these epithermal feeders. Our metallurgical testing earlier this year indicated that the late epithermal overprint offers gravity recoveries of plus 50 per cent and leach recoveries of plus 85 per cent, making these targets extremely attractive."

Quality assurance/quality control

Diamond drilling utilizes both HQ and NQ diameter tooling. Holes are established using HQ diameter tooling before reducing to NQ tooling to complete the hole. The core is received at the on-site logging facility, where it is photographed, logged for geotechnical and geological data, and subjected to other physical tests, including magnetic susceptibility and specific gravity analysis. Samples are identified, recorded and split by wet diamond saw, and half the core is sent for assay with the remaining half stored on site. A minimum sample length of 0.3 metre and a maximum sample length of 1.5 metres are employed with most samples averaging 1.0 metre in length except where geological contacts dictate. Certified standards and blanks are randomly inserted into the sample stream and constitute approximately 5 to 10 per cent of the sample stream. Samples are shipped to a sample preparation facility in the Dominican Republic operated by Bureau Veritas. Assaying is performed at Bureau Veritas Commodities Canada Ltd.'s laboratory in Vancouver, B.C., Canada. All samples are analyzed for gold using a 50-gram lead collection fire assay fusion with an atomic adsorption finish. In addition, most samples are also assayed using a 36-element multiacid ICP-ES analysis method.

Wes Hanson, PGeo, chief operating officer of Unigold, has reviewed and approved the contents of this press release.

About Unigold Inc.

Unigold is a Canadian-based mineral exploration company traded on the TSX Venture Exchange under the symbol UGD, focused primarily on exploring and developing its gold assets in the Dominican Republic.

                                          LP20-147 ASSAY RESULTS
 
From                       To       Interval (1)            Au             Ag             Cu             Zn
(m)                        (m)                            (g/t)          (g/t)            (%)            (%)

326.50                 356.50             30.00           9.02           5.10           0.63           0.00
including
326.50                 327.50              1.00           6.36           4.30           0.87           0.00
327.50                 328.50              1.00           8.27           5.00        1.00 (2)          0.01
328.50                 329.50              1.00           4.08           3.40           0.23           0.00
329.50                 330.50              1.00           4.87           3.60           0.34           0.01
330.50                 331.50              1.00           5.28           4.00           0.41           0.01
331.50                 332.50              1.00           7.53           6.00        1.00 (2)          0.00
332.50                 333.50              1.00          17.90           6.60        1.00 (2)          0.00
333.50                 334.50              1.00           6.41           4.80           0.38           0.00
334.50                 335.50              1.00          12.10           5.30           0.43           0.00
335.50                 336.50              1.00          16.80           6.00           0.70           0.00
336.50                 337.50              1.00          12.40           4.80           0.49           0.00
337.50                 338.50              1.00          12.10           4.90           0.50           0.01
338.50                 339.50              1.00          13.10           5.20           0.55           0.00
339.50                 340.50              1.00           9.80           5.10           0.56           0.00
340.50                 341.50              1.00           9.43           5.80           0.48           0.00
341.50                 342.50              1.00           6.66           4.00           0.54           0.00
342.50                 343.50              1.00           5.35           4.60           0.56           0.00
343.50                 344.50              1.00           5.22           4.30        1.00 (2)          0.00
344.50                 345.50              1.00           6.41           4.50           0.54           0.00
345.50                 346.50              1.00           7.79           5.10           0.62           0.00
346.50                 347.50              1.00           9.80           6.30           0.59           0.00
347.50                 348.50              1.00          12.20           4.20           0.45           0.00
348.50                 349.50              1.00           8.10           5.80           0.57           0.00
349.50                 350.50              1.00          15.30           7.50           0.98           0.00
350.50                 351.50              1.00          19.20           9.60        1.00 (2)          0.00
351.50                 352.50              1.00           6.71           5.40           0.60           0.00
352.50                 353.50              1.00           5.59           4.40           0.41           0.00
353.50                 354.50              1.00           4.27           3.90           0.42           0.00
354.50                 355.50              1.00           7.06           4.90        1.00 (2)          0.00
355.50                 356.50              1.00           4.67           3.60           0.67           0.01

(1) Intervals are reported as drilled length not true width. There are insufficient data at this time 
to estimate true width.                    
(2) Denotes pending overlimit analyses for copper. The overlimit results are not anticipated to result 
in a material increase in copper grade.

We seek Safe Harbor.

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